The tensile deformation and fracture behavior of alloys containing rounded porosity and with differing levels of matrix strain hardening has been examined both experimentally and analytically. The stress-strain response in uniaxial tension and, to a limited extent, plane-strain tension has been determined at room temperature for powder-fabricated titanium, and Titanium-6 Aluminum-4 Vanadium containing porosity. The strength and the ductility of both alloys decrease substantially with increasing porosity level. A large strain elastoplastic finite element model based on a regular array of equal-sized spherical voids is used to predict bulk porosity effects; the analysis is in good agreement with the experimentally observed rates of void growth, but it underestimates the degradation of strength with increasing porosity. In an analysis unique to P/M alloys, the effects of porosity on a local scale are examined successfully by a continuum imperfection model which predicts the fracture of porous materials with differing matrix strain-hardening characteristics. The analysis is significant in that it implies that a primary effect of porosity on fracture is to introduce into the material a network of planes of high local pore content (imperfections).